FACILITATOR MANUAL WITH SIMULATED ONLINE …

1 MANAGE BUDGETS AND FINANCIAL PLANSFACILITATOR MANUAL with SIMULATED ONLINE business assessment BSBFIM501 APrecision Group (Australia) Pty Ltd9 Koppen Tce, Cairns, QLD, 4870 Email: Precision Group (Australia) Pty LtdBSBFIM501A Manage Budgets and Financial PlansISBN: 978-1-74238-Copyright NoticeNo part of this book may be reproduced in any form or by any means, electronic or mechanical, including photocopying or recording, or by an information retrieval system without written permission from Precision Group (Australia) Pty Ltd.

2 Legal action may be taken against any person who infringes their copyright through unauthorised terms are subject to the conditions prescribed under the Australian Copyright Act for Educational PurposesThe Australian Copyright Act 1968 allows 10% of this book to be copied by any educational institute for educational purposes, provided that the institute (or the body that administers it) has given a remuneration notice to the Copyright Agency Limited (CAL) under the Act. For more information, email or visit for other contact Group has made a great effort to ensure that this material is free from error or omissions.

3 However, you should conduct your own enquiries and seek professional advice before relying on any fact, statement or matter contained in this book. Precision Group (Australia) Pty Ltd is not responsible for any injury, loss or damage as a result of material included or omitted from this material. Information in this course material is current at the time of MANUAL bsbfim501a Manage Budgets and Financial Plans Precision Group (Australia) Pty LtdTable of Contents2 Legend3 Qualification Pathways4 Qualification Rules5 Introduction7 bsbfim501a /01 Plan Financial Management Approaches Key Points Access budget / financial plans for the work team Clarify budget / financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable.

4 Accurate and comprehensible Negotiate any changes required to be made to budget / financial plans with relevant personnel within the organisation Prepare contingency plans in the event that initial plans need to be varied23 True or False Quiz25 bsbfim501a /02 Implement Financial Management Approaches Key Points Disseminate relevant details of the agreed budget / financial plans to team members Provide support to ensure that team members can competently perform required roles associated with the management of finances Determine and access resources and systems to manage financial management processes within the work team31 True or False Quiz33 bsbfim501a /03 Monitor and Control Finances Key Points Implement processes to monitor actual expenditure and to control costs across the work team Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns Implement.

5 Monitor and modify contingency plans as required to maintain financial objectives Report on budget and expenditure in accordance with organisational protocols43 True or False Quiz 45 bsbfim501a /04 Review and Evaluate Financial Management Processes Key Points Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation51 True or False Quiz52 Summary53 Bibliography55 assessment Pack2 FACILITATOR MANUAL bsbfim501a Manage Budgets and Financial Plans Precision Group (Australia) Pty LtdLegendThis symbol indicates the beginning of new content.

6 The bold title matches the content of the competency and they will help you to find the section to reference for your assessment activities. Activity: Whenever you see this symbol, there is an activity to carry out which has been designed to help reinforce the learning about the topic and take some symbol is used at the end of a section to indicate the summary key points of the previous symbol is used to indicate an answer to the Candidate s questions or notes to assist the considered risk taking in your grey others will follow you!

7 3 FACILITATOR MANUAL bsbfim501a Manage Budgets and Financial Plans Precision Group (Australia) Pty Ltd There are always two choices. Two paths to take. One is easy. And its only reward is that it s easy . Source UnknownThis unit of competency is provided to meet the requirements of BSB07 business Services Training Package although can be used in a range of different qualifications. The BSB07 business Services Training Package does not state how a qualification is to be achieved. Rather, Registered Training Organisations are required to use the qualification rules to ensure the needs of the learner and business customer are met.

8 This is to be achieved through the development of effective learning programs delivered in an order which meets the stated needs of nominated candidates and business Pathways4 FACILITATOR MANUAL bsbfim501a Manage Budgets and Financial Plans Precision Group (Australia) Pty LtdQualification requirements include core and elective units. The unit mix is determined by specific unit of competency requirements which are stated in the qualification description. Registered Training Organisations then work with learners and business customers to select elective units relevant to the work outcome, local industry requirements and the qualification vocational education qualifications must lead to a work outcome.

9 BSB07 business Services Training Package qualifications allow for Registered Training Organisations (RTOs) to vary programs to meet: Specific needs of a business or group of businesses. Skill needs of a locality or a particular industry application of business skills. Maximum employability of a group of students or an packaging a qualification elective units are to be selected from an equivalent level qualification unless otherwise Rules You re either part of the solution or part of the problem.

10 Eldridge Cleaver5 FACILITATOR MANUAL bsbfim501a Manage Budgets and Financial Plans Precision Group (Australia) Pty LtdThis unit of competency is all about being able to manage budgets and financial plans in your work team. It will help you with the skills you need to demonstrate competency for the unit bsbfim501a Manage Budgets and Financial Plans. This is one of the units that make up Diplomas in MANUAL is broken up into four distinct sections. They are:1. Plan financial management Implement financial management Monitor and control Review and evaluate financial management the conclusion of this training you will be asked to complete an assessment Pack for this unit of competency.